The Shanghai Composite Index dropped 6.4% to 2,749.8 at the close Tuesday, falling toward its lowest level since November 2014, Bloomberg reports.

“It’s an issue about confidence and there’s no confidence in the market now,” Wu Kan, a fund manager at JK Life Insurance Co., told Bloomberg. “The depreciating yuan and slowing economic growth have been haunting the market for a while. We are less than two weeks from the spring festival and it seems that most investors are in no mood to trade any more.”

Even a 440 billion yuan, or $67 billion, stimulus package from the People’s Bank of China was not enough to stem the fallout in Chinese equities.

Outflows continued at a rapid clip in December, with investors pulling a record $1 trillion from the market in 2015, or over seven times higher than the whole of 2014.